eToro is one of the oldest retail investing/trading platforms to offer cryptocurrency exposure to its users. Their crypto-journey began in 2013 with Bitcoin contracts for difference (CFDs). Today, the platform offers 16 different cryptocurrencies such as: BTC, ETH, XRP, XLM, ZEC and LTC.
As Bitcoin’s price began parabolically rising, demand has also increased. Bitcoin’s volatility has also sky-rocketed. After reaching $42k, price saw a retrace of over $10,000 in less than 3 days before retracing it.
As eToro primarily serves retail traders, their platform witnesses decent volumes on weekends; when people are off work.
As a result, they are having trouble handling weekend cryptocurrency volumes.
Unlike traditional markets, the crypto market remains active throughout all the days of the week.
In an email sent to customers, eToro stated:
“The unprecedented demand for crypto, coupled with limited liquidity, presents challenges to our ability to support BUY orders over the weekend. In light of this, it may be necessary for us to place limitations on crypto BUY orders over the weekend.”
Whether the limitations are applied or not remains to be seen. If they are, they will consist of per-asset limitation for each clients as well as disable new buy orders to be placed, throughout the weekend.